Watford manager Graham Taylor banished the ghosts of his torrid reign as England manager by masterminding his club's multi-million pound dream return to the top flight.

Watford will now rake in a £10million fortune next season thanks to Taylor having spent the paltry sum of just £250,000 last summer.

That's all it cost to bring goalscoring heroes Nick Wright and Allan Smart to Vicarage Road from Carlisle, surely the bargain buys of this or any other campaign.

Watford now join Bradford and Sunderland in the Premiership from August, and will certainly start as co-favourites for an immediate return to the First Division alongside the Bantams.

History is definitely against the Hornets as five out of the seven play-off winners who have reached the promised land have enjoyed the briefest of nine-month stays.

But that will matter little to Taylor for now as he celebrates promotion and an end to those dismal days when the 'Turnip' headlines and pictures adorned the back pages of the nation's tabloids.

That has been firmly consigned to history and the dustbin as a new chapter in the rollercoaster career now begins for Taylor as he sets about the task of ensuring the Hornets stay up.

This was Taylor's first return to Wembley since his last home game in charge of England, having decided the vitriol he received during those final dark months would surely spill over.

The 54-year-old had wanted to spare himself, and his wife Rita, from the flak which used to fly around the Twin Towers during what was an ignominious reign.

According to Taylor, all that venom which had been spat in his direction by his critics, was now "water under the bridge."

Taylor was not looking at this as some sort of retribution but the chance to show he still had what it takes to operate at the highest level of club football.

But at the back of his mind, there must have been a wry smile, coupled with the silently-mouthed words of 'I told you so' come the final whistle.

Certainly, there couldn't have been a greater display of emotion from Taylor, in contrast to his time as national coach, when the two goals flew in.

Taylor was generally impassive whenever England found the net, but the finishes from Wright and Smart produced an adrenalin-pumping reaction as he raced off the bench both times before punching the air in euphoric delight.

And certainly, his name never reverberated around this famous old venue during his three-year spell in charge like it did just before the half-time interval and at the end as the Watford fans drummed up a chorus of 'There's only one Graham Taylor.'

True enough because Taylor has performed wonders during his second spell in charge, and that after chairman Sir Elton John had pleaded with him to stay at Vicarage Road following the end of a relatively unfulfilling 15 months as general manager two years ago.

Whatever it was that Sir Elton said must have had a galvanising effect, for in the words of the famous rock star, Taylor has pulled Watford "up by its bootstraps."

Last year's Second Division championship has been followed by this dream of play-off glory, a feat akin to those stunning days at Vicarage Road at the turn of 1980s when he led them out of the old Fourth Division to the First in the space of six years in his first spell in charge of this unfashionable side.

And as for Sir Elton, whose tears will long be remembered when the club were last at Wembley for the 1984 FA Cup final defeat to Everton, there must have been an even greater display of emotion.

Forced to watch from Seattle via a special satellite link-up due to a unbreakable contract agreement, there would have been a nod of approval as his songs echoed around the stadium after skipper Robert Page had lifted the play-off trophy.

That came courtesy of an opening goal which was sublime and fit to have graced any prestigious Wembley occasion as Bolton boss Colin Todd's side must have headed into the break wondering how they were a goal down.

It was clearly not going to be their day as with just two minutes gone, Micah Hyde's desperate penalty box clearance was all that prevented Michael Johansen from stabbing in a shot as the Hornets began nervously.

It was the Danish midfielder who then drilled a venomous right foot drive back across the face of goal and inches beyond the right-hand post after Steve Palmer had just done enough to thwart Icelander Eidur Gudjohnsen.

The striker's two moments of potential glory were just looming on the horizon, though, with the first of those one of the defining points of the game.

Gudjohnsen chested down Per Frandsen's through ball, with the danger on the brink of being averted as Paul Robinson came across to clear.

But the centre-back failed to make any contact with the ball, leaving Gudjohnsen a clear sight of goal, only to steer his poked shot an inch wide of Alec Chamberlain's post.

It was the veteran keeper, who had been to Wembley on three previous occasions only to sit on the bench every time, who again proved himself a hero.

Having saved Paul Holland's spot-kick in the semi-final shoot-out win over Birmingham, the 34-year-old athletically and brilliantly tipped away Gudjohnsen's 31st-minute point-blank bullet.

Those two chances had sandwiched Watford's best effort prior to them breaking the deadlock. A mistake by Todd allowed Wright to set up Hyde in the 31st minute but, just as he was primed to pull the trigger on a right-foot shot, Robbie Elliott scampered across to bravely block.

Then came Wright's spectacular overhead right-foot volley after Andy Todd had attempted to clear away Peter Kennedy's corner.

Bolton tried desperately to salvage the equaliser in the second half, and but for a Gudjohnsen effort which drifted wide of the post again late on, they were rarely in the hunt.

As they pushed forward the inevitable gaps appeared at the back. Hyde set Kennedy free in the 89th minute and he picked out 75th-minute substitute Smart who drilled home an unstoppable second.

Unlike the two Manchester clubs, United and City, who had pulled results out of the hat this week when all seemed lost, there was to be no great revival for Bolton - allowing the Watford party to begin in earnest.

Teams:

Bolton: Banks (Hansen 89), Cox, Elliott, Frandsen, Todd, Fish, Johansen (Sellars 66), Jensen, Gudjohnson, Taylor, Gardner.

Subs Not Used: Bergsson.

Booked: Elliott.

Watford: Chamberlain, Bazeley (Smart 75), Bazeley (Hazan 87), Kennedy, Page, Palmer, Robinson, Ngonge, Hyde, Mooney, Johnson,Wright.

Subs Not Used: Day.

Booked: Hyde.

Goals: Wright 38, Smart 89.

Att: 70,343

Ref: T Heilbron (Newton Aycliffe).